NEWFANE, N.Y. — Contemporary Healthcare Capital has provided a $2.1 million mezzanine loan for the refinancing of a 165-bed seniors housing community in Newfane, a city located about 40 miles north of Buffalo. The borrowers were affiliates of Maximus Healthcare Group. CoastalStates Bank (CSB) provided an accompanying senior loan. The loans will refinance an existing and maturing term loan originally provided by Contemporary and another regional bank for the acquisition of the facility.
DALLAS AND HOUSTON — Multifamily investment firm Western Wealth Capital has acquired two apartment properties totaling 939 units, one of which is located in Dallas and the other in Houston. The undisclosed properties were built in 1980 and 1976, respectively. Western Wealth Capital, which now owns five multifamily assets in Dallas and seven in Houston, will upgrade the communities’ unit interiors. Newmark Knight Frank worked with Clint Duncan and Matt Phillips of CBRE to broker the deal.
SAN MARCOS, TEXAS — Vie Management has purchased Ella Lofts, a 252-bed student housing property located within walking distance of Texas State University in San Marcos, a city situated between Austin and San Antonio. The 75-unit mid-rise building features one-, two- and four-bedroom floor plans and amenities such as a fitness center, yoga studio, pool, coworking space, study lounge and a coffee shop. Vie Management will undertake a $1 million renovation program over the next several months. The seller was not disclosed.
ARLINGTON, TEXAS — 180 Multifamily Properties has purchased Summit Plaza, a 65-unit apartment community located adjacent to University of Texas at Arlington. The new ownership will implement a value-add program that will convert the Class C property into a Class A community. The seller was a local investor. 180 Multifamily now owns five assets in Arlington.
PHOENIX — A joint venture between Arizona-based Defer Gain LLC and Pacific Oak Capital Advisors is developing three apartment communities that combine affordability with amenities in downtown Phoenix. The projects are valued at $61 million. Situated within the Presidential District, the projects include the 241-unit St. Ambrose Apartments and the 84-unit Presidential Apartments. Located along the light rail line, the two communities are one stop from downtown Phoenix and three stops from Sky Harbor Airport. Additionally, the properties will feature luxury lobbies with mail rooms, including secured lockers for packages and cold/freezer storage for grocery deliveries; clubhouses; multi-purpose rooms; private conference rooms; exercise facilities; resort-style swimming pools; cabanas with private barbecues; and secured ingress/egress. Both properties will also feature street-level retail and mixed-use space. In September, the joint venture plans to break ground on The Imperial Apartment, a 140-unit workforce housing project located in the Edison Eastlake Choice Neighborhoods, which is undergoing a $150 million redevelopment.
MISHAWAKA, IND. — Marcus & Millichap has brokered the sale of Cedar Crest Apartments and Jefferson Estates, two adjacent multifamily properties in Mishawaka near South Bend. The sales price was $5 million. Cedar Crest Apartments is comprised of 56 units while Jefferson Estates includes 112 units. The properties feature swimming pools, clubhouses, covered parking and on-site laundry facilities. Scott Harris and Samuel McCarthy of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, neither of which were disclosed.
IRVINE, CALIF. — The Bascom Group LLC, an Irvine, Calif.-based private equity firm, has refinanced an 11-property multifamily portfolio. Bascom received individual loans for each asset totaling $235 million. Bascom worked with several capital market partners and lenders to complete the refinancing. Comerica Bank provided five loans while Silvergate Bank provided two of the loans. TCF Bank, New York Life, Citizens Business Bank and Texas Capital Bank each funded one loan as well. Brian Eisendrath and Annie Rice from CBRE, Charles Halladay and Jamie Kline from JLL and Tom Sherlock and Erich Pryor from Talonvest arranged the debt financing The portfolio includes six properties that are located in California and two that are located in Las Vegas. The other three properties are located in Colorado, Arizona and Texas. All of the properties are part of Bascom’s third fully discretionary fund, Bascom Value Added Apartment Investors III LLC The transaction yielded more than $39 million in additional loan proceeds for Bascom Group, enabling the firm to reduce its debt service requirement by 16 percent. Most of the loans were structured with interest-only terms for 24 to 36 months and rates between 180 and 200 basis points over LIBOR. “Our lending partners …
STARKVILLE, MISS. — A public-private partnership between Mississippi State University (MSU) and Greystar has opened College View, 650-bed residential development on the university’s campus in Starkville. The mixed-use property features 46,000 square feet of retail space and a 7,000-square-foot addition to the MSU Child Development and Family Studies Center. Communal amenities include a fitness center, computer lab, study rooms, swimming pool, community lounge, volleyball court and fire pits. Greystar financed, built and will manage the community utilizing a 40-year lease of MSU land. The lease agreement features a 10-year renewal option.
TAMPA, FLA. — Cushman & Wakefield has arranged the $59 million sale of Mezzo of Tampa Palms, a 340-unit multifamily community in Tampa. The property offers one-, two- and three-bedroom floor plans spread across 20 three-story buildings. The average unit in the community is 1,193 square feet with an average market rent of $1,313. The property was above 95 percent occupied at the time of sale. Communal amenities include a 7,000-square-foot clubhouse, a fitness center with Fitness On Demand, business center, Wi-Fi in community areas, two swimming pools, poolside outdoor kitchen with a fire pit, gated access with virtual guards, dog park, tennis court, playground, barbecue and picnic area, walking/jogging trails and a sun deck. Luis Elorza, Brad Capas, Zachary Sackley, Robert Given and Michael Mulkern of Cushman & Wakefield represented the seller, Boston-based Preston-Giuliano Capital Partners, in the transaction. Boston-based Taurus Investment Holdings acquired the property.
CHANDLER, ARIZ. — Wood Partners has completed the sale of Alta San Marcos, an apartment complex located in Chandler. JLL Income Property Trust acquired the property for $71.7 million or $262,821 per unit. The buyer plans to rebrand the property as Summit at San Marcos. Located within walking distance of downtown Chandler, the multifamily property features 273 apartments with nine-plus feet ceilings and an average unit size of 940 square feet. Community amenities include a clubhouse and leasing office with a 13-foot theater-style television, plush seating, a demonstration kitchen and fitness center. The community was completed in 2018. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.